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Economic Development For Chamber 7 11

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Economic Development For Chamber 7 11

  1. 1. Economic Development Goal Statements<br />Focus on locally grown and/or oriented businesses.<br />Develop educational and employment opportunities to expand workforce skills and reduce commuting.<br />Grow the non-residential tax base consistent with the principles of the Town’s Comprehensive Plan.<br />Maintain an open and collaborative relationship with the University.<br />Maintain a community character that promotes economic vitality, environmental protection and social equity.<br />Welcome green and ecologically sound businesses and developments.<br />
  2. 2. Economic Development Goal Statements<br />Grow the non-residential tax base consistent with the principles of the Town’s Comprehensive Plan.<br />
  3. 3. Economic Development<br />Council Goals:<br />Increase absorption in the Office Market by 30,000SF.<br />- Web portal (opentobusiness.biz) with market search tool for availablespace.<br />- Targeted marketing to select businesses for office space.<br /> <br />Grow the retail market by guiding developments in key areas.<br />- Working to guide projects like Eubanks Road development (Edge) (450,000 +/- SF)<br />- Growth opportunities through redevelopment Ephesus Church – Fordham Small Area Plan (200,000 +/- SF)<br />
  4. 4. Retail<br /><ul><li>Market Analysis Complete June 2009 </li></ul> - 1.6 million SF available (June 2009)<br />- Ability to capture between 500,000 – 700,000 SF in the next few years.<br /> > Working on Retail Development Strategy (2011)<br /> - This is to combine land-use with market economics to guide future retail and mixed-use developments.<br /> - Estimates up to 1,000,000 SF available in the Chapel Hill market.<br />Both available at: www.townofchapelhill.org/economic_development<br />
  5. 5. Retail<br />Approximately 2,100,000 SF of retail in our existing market.<br />
  6. 6. Retail Chapel Hill/Orange County<br />Data courtesy of Grubb & Ellis | Thomas Linderman Graham <br />
  7. 7. Office Market<br />Grow the non-residential tax base consistent with the principles of the Town’s Comprehensive Plan.<br />
  8. 8. Office Market<br />> 2.2 million square feet of available office space.<br />> 1.7 million square feet of the space in buildings of 10,000 SF and greater.<br />> Approximately 30% vacant.<br />
  9. 9. Office Market<br />> Currently absorb 70,000 SF per year.<br />>Grow to 100,000 by increasing our regional percent by 1. (We current have about 5% of the regional market share.)<br />
  10. 10. Office MarketChapel Hill<br />Data courtesy ofGrubb & Ellis | Thomas Linderman Graham <br />
  11. 11. Office MarketGrowing our Market<br />Recommendations from Office Market Study:<br />More business friendly.<br />Join regional agencies.<br />Compete with adjacent communities.<br />Development Review and related issues. (Short-term related to expansion and retention of businesses in centers with existing SUPs.) <br />
  12. 12. Housing Market<br />Maintain a community character that promotes economic vitality, environmental protection and social equity.<br />
  13. 13. Housing Market<br />Housing Supply<br />• The median sales price of a for sale<br />housing unit was $323,300 in 2010, higher than<br />Cary ($269,960), Raleigh ($185,000) and Durham<br />($164,000).<br />• Chapel Hill has experienced rapid growth in home<br />prices. In 2000, the median sales price for a single<br />family home in Chapel Hill was $287,000. Just 6 years<br />later, the median sales price was $425,000 - an increase<br />of 45%.<br />
  14. 14. Housing Market<br />Housing Demand<br />• Population and employment growth will drive continued<br />housing demand within the market area.<br />• There should be enough demand<br />to justify as many as 28,192 units in the Chapel Hill<br />HMA from 2011 - 2015. <br />
  15. 15. Housing Market<br />Housing Demand<br />• There will be sufficient demand for<br />321-463 housing permits annually in Chapel Hill for<br />the next 10 years. <br />• There is an estimated demand for 581 - 817 market rate<br />rental units between 2009-2014, including 336 - 431<br />units of affordable rental housing.<br />
  16. 16. Housing Market<br />Housing Needs -<br />AMI – Area Median Income<br />
  17. 17. Ephesus Church – Fordham Small Area Plan<br />Grow the non-residential tax base consistent with the principles of the Town’s Comprehensive Plan.<br />
  18. 18. Ephesus Church – Fordham Small Area Plan<br />
  19. 19. Ephesus Church – Fordham Small Area Plan<br />Development Summary:<br />Retail +/-258,000 Square Feet<br />Office +/-368,000 Square Feet<br />Residential Units +/-1,084 Units<br />Hotel +/-280,000 Square Feet<br />
  20. 20. Ephesus Church – Fordham Small Area Plan<br />Traffic improvements include:<br />> Extension of Elliott Road across Fordham<br />> Realignment of Ephesus Church to Elliott Rd extension<br />> Extension of Legion Road to Fordham Blvd<br />> Access improvements:<br />- Disconnect southern leg of western service road at Ephesus<br />- Consolidate number of parking aisles on Ephesus Church Road going through Eastgate Shopping Center<br />- Limit Ram’s Plaza and car dealership entrance on Ephesus to right in and right out<br />> Connectivity improvements:<br />- New road behind Staples and Village Plaza connecting to Elliott Road<br />- New internal roads in Rams Plaza<br />- New road by Hampton Inn connecting to Legion Road<br />- New road connecting Legion Road extension to realigned Elliott extension- Ephesus Church Road<br />
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  22. 22. Ephesus Church – Fordham Small Area Plan<br />    Next Steps:<br />1)  Create zoning tools to help encourage redevelopment.<br />2)  Move forward with further evaluation of                 <br />            transportation/transit solutions for the district.<br />3)  Work to organize the area for future conversations <br /> based around planned and conceptualized improvements.<br />4)  Seek alternatives to finance improvements based on<br />            engineering work and other public improvements.<br />
  23. 23. Economic Development<br />Other things:<br />Retail Development Strategy (2011)<br />Housing Study<br />Internal Review of the Development Process – new Development Review software<br />Review of LUMO <br />Council passed text-amendment for Medical Office<br />Council passed text-amendment for ground signs in shopping centers.<br />
  24. 24. Economic Development<br />Marketing Chapel Hill:<br />Ads in Chapel Hill Magazine<br />Quarterly mailers to new corporations in the Triangle region.<br />E-news<br />Short commercials on WCHL<br />Beginning targeted mailers for industry specific businesses for office market.<br />New web portal (9/2011) opentobusiness.biz<br />
  25. 25. Economic Development<br />
  26. 26. Economic Development<br />
  27. 27. Economic Development<br />
  28. 28. Economic Development Goal Statements<br />Focus on locally grown and/or oriented businesses.<br />Develop educational and employment opportunities to expand workforce skills and reduce commuting.<br />Grow the non-residential tax base consistent with the principles of the Town’s Comprehensive Plan.<br />Questions?<br />Maintain an open and collaborative relationship with the University.<br />Welcome green and ecologically sound businesses and developments.<br />Maintain a community character that promotes economic vitality, environmental protection and social equity.<br />

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